Why Flex Stock Jumped Today
Shares of Flex (NASDAQ: FLEX) have jumped today, up by 7% as of 1:15 p.m. EDT, after the company reported fiscal fourth-quarter earnings. The contract manufacturer beat expectations for the bottom line.
Revenue in the fiscal fourth quarter came in at $5.5 billion, mostly on target with the consensus estimate. That resulted in adjusted earnings per share of $0.28, beating Wall Street's forecast of $0.24 per share in adjusted profit. The contract manufacturer for tech companies acknowledged that the COVID-19 pandemic adversely impacted results during the quarter due to supply chain and demand disruptions.
Flex assembles Apple's Mac Pro in Texas. Image source: Apple.
Source Fool.com
